L&T Technology Services (LTTS), the engineering and research-focused subsidiary of the infra major, on Thursday, reported a 34.7 percent year-on-year (YoY) rise in net profit at Rs 262 crore for the fourth quarter ended March 31, 2022.

In the corresponding quarter last year, the company posted a net profit of Rs 194.5 crore. CNBC-TV18 Polls had predicted a profit of Rs 266 crore for the quarter under review.

Total revenues for the quarter rose 21.9 percent YoY to Rs 1,756.1 crore from Rs 1,446.6 crore in the year-ago quarter.

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"We achieved several milestones in FY22 – a dollar revenue growth of 20% in constant currency, record-high operating margins, and more than three-fold increase in patents filed by our engineers. Our growth was broad-based with all five segments growing in double digits and showing an improvement in operating margins," said Amit Chadha, Amit Chadha, CEO & managing director of L&T Technology Services Ltd.

At the end of Q4FY22, the patents portfolio of L&T Technology Services stood at 868, out of which 605 are co-authored with its customers and the rest are filed by LTTS. At the end of Q4FY22, LTTS' employee strength stood at 20,861.

During the quarter, LTTS won a $100 million-plus deal, a $25 million-plus deal, and 4 other deals with TCV of $10 million-plus. Revenues from digital and leading-edge technologies stood at 57 percent during the quarter.

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Chadha said, "We are making very good progress across our six bets; in Q4, we won a $100mn plus deal in the EACV space - being chosen as the strategic engineering partner for a new age electric VTOL (Vertical Takeoff and Landing) aircraft program. With this deal, we have been able to extend our EACV success at Auto and Trucks & Off-Highway segments, to Aerospace, reflecting our multi-domain engineering expertise."

The board of directors has recommended a final dividend of Rs 15 per equity share of the face value of Rs 2 each, subject to the approval of the shareholders of the company, which if approved, shall be paid or dispatched within thirty days from the conclusion of the Annual General Meeting of the company. The date of book closure for the purpose of final dividend shall be intimated later, the company said.

The results came after the close of the market hours. Shares of L&T Technology Services ended at Rs 4,249.90, up by Rs 65.20, or 1.56 percent on the BSE.

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First Published:Apr 21, 2022 5:01 PM IST